HCA HEALTHCARE, INC., DEF 14A filed on 3/13/2026
Proxy Statement (definitive)
v3.25.4
Cover
12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name HCA Healthcare, Inc.
Entity Central Index Key 0000860730
v3.25.4
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
2025 Pay Versus Performance Table
The following table sets forth additional compensation information of our Principal Executive Officer (“PEO”) and our
non-PEO
Named Executive Officers
(“non-PEO
NEOs”) along with total shareholder return, net income attributable to HCA Healthcare, Inc. and adjusted EBITDA performance results for fiscal years 2025, 2024, 2023, 2022 and 2021. “Compensation actually paid” does not represent the value of cash and shares of the Company’s common stock received by named executive officers during the year, but rather it is an amount calculated under SEC rules and includes, among other things, year-over-year changes in the value of unvested equity based awards. As a result of the calculation methodology required by the SEC, “Compensation actually paid” amounts differ from compensation actually received by the individuals and the compensation decisions described in the “Compensation Discussion and Analysis” section above.
 
               
Year
 
Summary
Compensation
Table Total
for PEO (1)
 
Compensation
Actually Paid
to PEO (2)(3)
 
Average
Summary
Compensation
Table Total
for non-PEO
NEOs (1)
 
Average
Compensation
Actually Paid
to non-PEO
NEOs (2)(3)
 
Value of Initial Fixed
$100 Investment Based On:
 
Net
Income
Attributable to
HCA
Healthcare, Inc.
 
Adjusted
EBITDA (10)
 
Total
Shareholder
Return
 
Peer Group
Total
Shareholder
Return (9)
2025 (4)
   
$
26,456,606
   
$
78,235,064
   
$
8,190,607
   
$
16,384,912
   
$
296.34
   
$
148.36
   
$
6,784,000,000
   
$
15,566,000,000
2024 (5)
   
$
23,799,137
   
$
40,146,727
   
$
6,121,496
   
$
 6,090,844
   
$
189.11
   
$
129.46
   
$
5,760,000,000
   
$
13,882,000,000
2023 (6)
   
$
21,315,984
   
$
23,591,845
   
$
6,861,426
   
$
 7,050,413
   
$
169.23
   
$
126.21
   
$
5,242,000,000
   
$
12,726,000,000
2022 (7)
   
$
14,637,726
   
$
 9,582,202
   
$
5,166,993
   
$
 3,405,676
   
$
148.69
   
$
123.67
   
$
5,643,000,000
   
$
12,067,000,000
2021 (8)
   
$
20,635,260
   
$
84,568,577
   
$
5,999,564
   
$
19,628,647
   
$
157.59
   
$
126.13
   
$
6,956,000,000
   
$
12,644,000,000
 
(1)
Named executive officers included in the above compensation columns reflect the following:
 
   
 
Year
  
PEO
  
Non-PEO
NEOs
    
  2025    Hazen    Marks, Foster, McAlevey, Cuffe
 
2024
  
Hazen
  
Rutherford*, Marks*, Foster, McAlevey, Cuffe
*  Effective 5/1/2024, Rutherford retired from and Marks was appointed to the Executive Vice President and Chief Financial Officer position.
  2023    Hazen    Rutherford, Foster, Akdamar, McManus   
  2022    Hazen    Rutherford, Foster, Hall, McAlevey   
  2021    Hazen    Rutherford, Foster, Hall, Cuffe   
 
(2)
Fair value or change in fair value, as applicable, of equity awards in the “Actually Paid” columns was determined by reference to (1) for PSU awards, closing price on applicable
year-end
date(s) multiplied by the probability of achievement as of each such date or, in the case of vesting dates, the actual shares earned multiplied by the vesting price, (2) for SAR awards, a Black-Scholes value as of the applicable
year-end
or vesting date(s), determined based on the same methodology as used to determine grant date fair value for the applicable grant and (3) for RSU awards, the closing price on applicable
year-end
date(s) or, in the case of vesting dates, the actual vesting price.
 
(3)
For the portion of “Actually Paid” compensation that is based on
year-end
stock prices, the following prices were used: $466.86 for 2025 (closing price as of 12/31/25), $300.15 for 2024 (closing price as of 12/31/24), $270.68 for 2023 (closing price as of 12/29/23), $239.96 for 2022 (closing price as of 12/30/22) and $256.92 for 2021 (closing price as of 12/31/21).
 
(4)
2025 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2025 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2025 Summary Compensation Table Total   $ 26,456,606     $ 8,190,607  
Less: Change in Pension & Deferred Compensation Plans
  $ 1,934,400     $ 1,681,853  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 734,679     $ 230,134  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 16,988,633     $ 3,115,621  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/25   $ 27,194,526     $ 4,987,299  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/25   $ 31,066,347     $ 5,728,425  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 11,676,197     $ 2,033,581  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,077     $ 76,670  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 464,819     $ 89,010  
 
 
 
   
 
 
 
2025 Compensation Actually Paid
  $ 78,235,064     $ 16,384,912  
 
 
 
   
 
 
 
 
(5)
2024 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2024 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
 
Average
non-PEO

NEOs
2024 Summary Compensation Table Total     $ 23,799,137     $ 6,121,496
Less: Change in Pension & Deferred Compensation Plans     $ 372,138     $ 265,350
Add: Service Cost of Pension & Deferred Compensation Plans     $ 689,830     $ 149,373
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
    $ 16,580,668     $ 3,423,531
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/24     $ 17,195,564     $ 2,640,576
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/24     $ 10,479,537     $ 1,434,246
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date     $ 4,662,911     $ 668,465
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions*           $ 1,267,373
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
    $ 96,234     $ 13,211
Add: Dollar Value of Dividends Paid Prior to Vesting Date     $ 368,788     $ 46,153
   
 
 
     
 
 
 
2024 Compensation Actually Paid
    $ 40,146,727     $ 6,090,844
   
 
 
     
 
 
 
 
  *
Mr. Rutherford forfeited certain unvested equity awards as a result of his 5/1/2024 retirement.
 
(6)
2023 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2023 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2023 Summary Compensation Table Total   $ 21,315,984     $ 6,861,426  
Less: Change in Pension & Deferred Compensation Plans
        $ 264,662  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 723,544     $ 135,006  
Add: Prior Service Cost of Pension & Deferred Compensation Plans    
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 14,200,216     $ 3,489,375  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/23   $ 15,028,391     $ 3,692,881  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/23   $ (2,830,010   $ (482,970
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 3,842,051     $ 642,447  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 514,566     $ 85,739  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 226,667     $ 41,399  
 
 
 
   
 
 
 
2023 Compensation Actually Paid
  $ 23,591,845     $ 7,050,413  
 
 
 
   
 
 
 
 
(7)
2022 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2022 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2022 Summary Compensation Table Total   $ 14,637,726     $ 5,166,993  
Less: Change in Pension & Deferred Compensation Plans
        $ 276,883  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 952,610     $ 182,990  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 12,055,290     $ 3,063,442  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/22   $ 13,374,858     $ 2,698,985  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/22   $ (3,338,709   $ (573,313
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ (3,998,784   $ (737,029
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,499     $ 73,188  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 445,290     $ 80,563  
 
 
 
   
 
 
 
2022 Compensation Actually Paid
  $ 9,582,202     $ 3,405,676  
 
 
 
   
 
 
 
 
(8)
2021 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2021 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2021 Summary Compensation Table Total   $ 20,635,260     $ 5,999,564  
Less: Change in Pension & Deferred Compensation Plans
  $ 451,661     $ 103,724  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 980,231     $ 207,139  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 13,870,607     $ 3,233,944  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/21   $ 34,793,801     $ 7,765,175  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/21 (4)   $ 33,207,890     $ 7,116,946  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date (4)   $ 9,064,316     $ 1,834,093  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 335,908     $ 67,999  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 545,255     $ 111,397  
 
 
 
   
 
 
 
2021 Compensation Actually Paid
  $ 84,568,577     $ 19,628,647  
 
 
 
   
 
 
 
 
(9)
The Peer Group reflected in the Peer Group Total Shareholder Return is the S&P Health Care Index, as reflected in our 2025 Annual Report on Form the
10-K
pursuant to Item 201(e) of Regulation
S-K.
Each year reflects the cumulative total return assuming $100 invested on December 31, 2020 in our common stock and in the S&P Health Care Index, including the subsequent reinvestment of dividends.
 
(10)
Adjusted EBITDA was selected by the Compensation Committee as the Company-Selected Measure (“CSM”). It is a
non-Generally
Accepted Accounting Principles (“GAAP”) financial measure defined as income before depreciation and amortization, interest expense, losses and gains on sales of facilities, losses on retirement of debt, provision for income taxes and net income attributable to noncontrolling interests. Reconciliations of Adjusted EBITDA to the most directly comparable financial measure calculated in accordance with GAAP are included in Appendix A.
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)
Named executive officers included in the above compensation columns reflect the following:
 
   
 
Year
  
PEO
  
Non-PEO
NEOs
    
  2025    Hazen    Marks, Foster, McAlevey, Cuffe
 
2024
  
Hazen
  
Rutherford*, Marks*, Foster, McAlevey, Cuffe
*  Effective 5/1/2024, Rutherford retired from and Marks was appointed to the Executive Vice President and Chief Financial Officer position.
  2023    Hazen    Rutherford, Foster, Akdamar, McManus   
  2022    Hazen    Rutherford, Foster, Hall, McAlevey   
  2021    Hazen    Rutherford, Foster, Hall, Cuffe   
       
Peer Group Issuers, Footnote The Peer Group reflected in the Peer Group Total Shareholder Return is the S&P Health Care Index, as reflected in our 2025 Annual Report on Form the
10-K
pursuant to Item 201(e) of Regulation
S-K.
Each year reflects the cumulative total return assuming $100 invested on December 31, 2020 in our common stock and in the S&P Health Care Index, including the subsequent reinvestment of dividends.
       
PEO Total Compensation Amount $ 26,456,606 $ 23,799,137 $ 21,315,984 $ 14,637,726 $ 20,635,260
PEO Actually Paid Compensation Amount $ 78,235,064 40,146,727 23,591,845 9,582,202 84,568,577
Adjustment To PEO Compensation, Footnote
(4)
2025 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2025 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2025 Summary Compensation Table Total   $ 26,456,606     $ 8,190,607  
Less: Change in Pension & Deferred Compensation Plans
  $ 1,934,400     $ 1,681,853  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 734,679     $ 230,134  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 16,988,633     $ 3,115,621  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/25   $ 27,194,526     $ 4,987,299  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/25   $ 31,066,347     $ 5,728,425  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 11,676,197     $ 2,033,581  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,077     $ 76,670  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 464,819     $ 89,010  
 
 
 
   
 
 
 
2025 Compensation Actually Paid
  $ 78,235,064     $ 16,384,912  
 
 
 
   
 
 
 
 
(5)
2024 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2024 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
 
Average
non-PEO

NEOs
2024 Summary Compensation Table Total     $ 23,799,137     $ 6,121,496
Less: Change in Pension & Deferred Compensation Plans     $ 372,138     $ 265,350
Add: Service Cost of Pension & Deferred Compensation Plans     $ 689,830     $ 149,373
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
    $ 16,580,668     $ 3,423,531
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/24     $ 17,195,564     $ 2,640,576
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/24     $ 10,479,537     $ 1,434,246
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date     $ 4,662,911     $ 668,465
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions*           $ 1,267,373
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
    $ 96,234     $ 13,211
Add: Dollar Value of Dividends Paid Prior to Vesting Date     $ 368,788     $ 46,153
   
 
 
     
 
 
 
2024 Compensation Actually Paid
    $ 40,146,727     $ 6,090,844
   
 
 
     
 
 
 
 
  *
Mr. Rutherford forfeited certain unvested equity awards as a result of his 5/1/2024 retirement.
 
(6)
2023 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2023 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2023 Summary Compensation Table Total   $ 21,315,984     $ 6,861,426  
Less: Change in Pension & Deferred Compensation Plans
        $ 264,662  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 723,544     $ 135,006  
Add: Prior Service Cost of Pension & Deferred Compensation Plans    
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 14,200,216     $ 3,489,375  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/23   $ 15,028,391     $ 3,692,881  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/23   $ (2,830,010   $ (482,970
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 3,842,051     $ 642,447  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 514,566     $ 85,739  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 226,667     $ 41,399  
 
 
 
   
 
 
 
2023 Compensation Actually Paid
  $ 23,591,845     $ 7,050,413  
 
 
 
   
 
 
 
 
(7)
2022 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2022 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2022 Summary Compensation Table Total   $ 14,637,726     $ 5,166,993  
Less: Change in Pension & Deferred Compensation Plans
        $ 276,883  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 952,610     $ 182,990  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 12,055,290     $ 3,063,442  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/22   $ 13,374,858     $ 2,698,985  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/22   $ (3,338,709   $ (573,313
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ (3,998,784   $ (737,029
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,499     $ 73,188  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 445,290     $ 80,563  
 
 
 
   
 
 
 
2022 Compensation Actually Paid
  $ 9,582,202     $ 3,405,676  
 
 
 
   
 
 
 
 
(8)
2021 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2021 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2021 Summary Compensation Table Total   $ 20,635,260     $ 5,999,564  
Less: Change in Pension & Deferred Compensation Plans
  $ 451,661     $ 103,724  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 980,231     $ 207,139  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 13,870,607     $ 3,233,944  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/21   $ 34,793,801     $ 7,765,175  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/21 (4)   $ 33,207,890     $ 7,116,946  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date (4)   $ 9,064,316     $ 1,834,093  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 335,908     $ 67,999  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 545,255     $ 111,397  
 
 
 
   
 
 
 
2021 Compensation Actually Paid
  $ 84,568,577     $ 19,628,647  
 
 
 
   
 
 
 
       
Non-PEO NEO Average Total Compensation Amount $ 8,190,607 6,121,496 6,861,426 5,166,993 5,999,564
Non-PEO NEO Average Compensation Actually Paid Amount $ 16,384,912 6,090,844 7,050,413 3,405,676 19,628,647
Adjustment to Non-PEO NEO Compensation Footnote
(4)
2025 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2025 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2025 Summary Compensation Table Total   $ 26,456,606     $ 8,190,607  
Less: Change in Pension & Deferred Compensation Plans
  $ 1,934,400     $ 1,681,853  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 734,679     $ 230,134  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 16,988,633     $ 3,115,621  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/25   $ 27,194,526     $ 4,987,299  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/25   $ 31,066,347     $ 5,728,425  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 11,676,197     $ 2,033,581  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,077     $ 76,670  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 464,819     $ 89,010  
 
 
 
   
 
 
 
2025 Compensation Actually Paid
  $ 78,235,064     $ 16,384,912  
 
 
 
   
 
 
 
 
(5)
2024 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2024 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
 
Average
non-PEO

NEOs
2024 Summary Compensation Table Total     $ 23,799,137     $ 6,121,496
Less: Change in Pension & Deferred Compensation Plans     $ 372,138     $ 265,350
Add: Service Cost of Pension & Deferred Compensation Plans     $ 689,830     $ 149,373
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
    $ 16,580,668     $ 3,423,531
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/24     $ 17,195,564     $ 2,640,576
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/24     $ 10,479,537     $ 1,434,246
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date     $ 4,662,911     $ 668,465
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions*           $ 1,267,373
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
    $ 96,234     $ 13,211
Add: Dollar Value of Dividends Paid Prior to Vesting Date     $ 368,788     $ 46,153
   
 
 
     
 
 
 
2024 Compensation Actually Paid
    $ 40,146,727     $ 6,090,844
   
 
 
     
 
 
 
 
  *
Mr. Rutherford forfeited certain unvested equity awards as a result of his 5/1/2024 retirement.
 
(6)
2023 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2023 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2023 Summary Compensation Table Total   $ 21,315,984     $ 6,861,426  
Less: Change in Pension & Deferred Compensation Plans
        $ 264,662  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 723,544     $ 135,006  
Add: Prior Service Cost of Pension & Deferred Compensation Plans    
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 14,200,216     $ 3,489,375  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/23   $ 15,028,391     $ 3,692,881  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/23   $ (2,830,010   $ (482,970
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ 3,842,051     $ 642,447  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 514,566     $ 85,739  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 226,667     $ 41,399  
 
 
 
   
 
 
 
2023 Compensation Actually Paid
  $ 23,591,845     $ 7,050,413  
 
 
 
   
 
 
 
 
(7)
2022 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2022 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2022 Summary Compensation Table Total   $ 14,637,726     $ 5,166,993  
Less: Change in Pension & Deferred Compensation Plans
        $ 276,883  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 952,610     $ 182,990  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 12,055,290     $ 3,063,442  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/22   $ 13,374,858     $ 2,698,985  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/22   $ (3,338,709   $ (573,313
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date   $ (3,998,784   $ (737,029
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 435,499     $ 73,188  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 445,290     $ 80,563  
 
 
 
   
 
 
 
2022 Compensation Actually Paid
  $ 9,582,202     $ 3,405,676  
 
 
 
   
 
 
 
 
(8)
2021 “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflects the following adjustments from 2021 Total Compensation reported in the Summary Compensation Table:
 
   
PEO
   
Average
non-PEO

NEOs
 
2021 Summary Compensation Table Total   $ 20,635,260     $ 5,999,564  
Less: Change in Pension & Deferred Compensation Plans
  $ 451,661     $ 103,724  
Add: Service Cost of Pension & Deferred Compensation Plans   $ 980,231     $ 207,139  
Add: Prior Service Cost of Pension & Deferred Compensation Plans            
Add: Above-Market or Preferential Earnings on Deferred Compensation            
Less: Equity Award Amounts Reported in Summary Compensation Table
  $ 13,870,607     $ 3,233,944  
Add: FMV of Equity Awards Granted During Current Year & Outstanding/Unvested @ 12/31/21   $ 34,793,801     $ 7,765,175  
Add: Change in FMV Equity Awards Granted in Prior Years & Outstanding/Unvested @ 12/31/21 (4)   $ 33,207,890     $ 7,116,946  
Add: FMV of Equity Awards Granted and Vested in Current Year @ Vesting Date            
Add: Change in FMV of Equity Awards Granted in Prior Years @ Vesting Date (4)   $ 9,064,316     $ 1,834,093  
Less: FMV of Equity Awards @ the End of the Prior Year Failing to Meet Vesting Conditions            
Less: Dollar Value of Equivalent Payments Reported in Summary Compensation Table
  $ 335,908     $ 67,999  
Add: Dollar Value of Dividends Paid Prior to Vesting Date   $ 545,255     $ 111,397  
 
 
 
   
 
 
 
2021 Compensation Actually Paid
  $ 84,568,577     $ 19,628,647  
 
 
 
   
 
 
 
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Measures that were most important to the last fiscal year.
The following performan
ce m
easures reflect the Company’s most important performance measures in effect for 2025, as further described and defined in the Compensation Discussion and Analysis under “Elements of Compensation — Annual Incentive Compensation: PEP” and “Elements of Compensation — Long-Term Equity Incentive Awards — Performance Share Units.”
 
   
Adjusted EBITDA
   
Earnings Per Share
   
Quality of Care
   
Patient Experience
       
Total Shareholder Return Amount $ 296.34 189.11 169.23 148.69 157.59
Peer Group Total Shareholder Return Amount 148.36 129.46 126.21 123.67 126.13
Net Income (Loss) $ 6,784,000,000 $ 5,760,000,000 $ 5,242,000,000 $ 5,643,000,000 $ 6,956,000,000
Company Selected Measure Amount 15,566,000,000 13,882,000,000 12,726,000,000 12,067,000,000 12,644,000,000
PEO Name Hazen        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description It is a
non-Generally
Accepted Accounting Principles (“GAAP”) financial measure defined as income before depreciation and amortization, interest expense, losses and gains on sales of facilities, losses on retirement of debt, provision for income taxes and net income attributable to noncontrolling interests. Reconciliations of Adjusted EBITDA to the most directly comparable financial measure calculated in accordance with GAAP are included in Appendix A.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Earnings Per Share        
Measure:: 3          
Pay vs Performance Disclosure          
Name Quality of Care        
Measure:: 4          
Pay vs Performance Disclosure          
Name Patient Experience        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (1,934,400) $ (372,138)     $ (451,661)
PEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 734,679 689,830 $ 723,544 $ 952,610 980,231
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (16,988,633) (16,580,668) (14,200,216) (12,055,290) (13,870,607)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 27,194,526 17,195,564 15,028,391 13,374,858 34,793,801
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 31,066,347 10,479,537 (2,830,010) (3,338,709) 33,207,890
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 11,676,197 4,662,911 3,842,051 (3,998,784) 9,064,316
PEO | Dollar Value of Equivalent Payments Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (435,077) (96,234) (514,566) (435,499) (335,908)
PEO | Dollar Value of Dividends Paid Prior to Vesting Date [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 464,819 368,788 226,667 445,290 545,255
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,681,853) (265,350) (264,662) (276,883) (103,724)
Non-PEO NEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 230,134 149,373 135,006 182,990 207,139
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,115,621) (3,423,531) (3,489,375) (3,063,442) (3,233,944)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,987,299 2,640,576 3,692,881 2,698,985 7,765,175
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,728,425 1,434,246 (482,970) (573,313) 7,116,946
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,033,581 668,465 642,447 (737,029) 1,834,093
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (1,267,373)      
Non-PEO NEO | Dollar Value of Equivalent Payments Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (76,670) (13,211) (85,739) (73,188) (67,999)
Non-PEO NEO | Dollar Value of Dividends Paid Prior to Vesting Date [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 89,010 $ 46,153 $ 41,399 $ 80,563 $ 111,397
v3.25.4
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Policies and Practices Related to the Timing of Equity Awards.
While we do not have a formal written policy in place with regard to the timing of awards of SARs or similar awards in relation to the disclosure of material nonpublic information, our equity awards are generally granted on fixed dates determined in advance. Annual equity awards are typically granted to our executives in late January or early February each year. On limited occasions, the Committee may grant equity awards outside of our annual grant cycle for new hires, promotions, recognition, retention or other purposes.
Beginning in 2025, the Committee’s general practice is to complete its annual executive compensation review and determine performance goals and target compensation for our executives during the first regularly scheduled Board and Committee meetings of the year; then equity awards are granted with an effective date on the third full trading day following release of the Company’s fourth quarter earnings.
The Committee approves all equity award grants on or before the grant date and does not grant equity awards in anticipation of the release of material nonpublic information. Similarly, the Committee does not time the release of material nonpublic information based on equity award grant dates. Generally, the Committee uses the Company’s three-month average stock price as of the grant date and a valuation model estimation to determine the number of SARs granted.
Tax and Accounting Implications.
 Section 162(
m) o
f the Internal Revenue Code limits the Company’s ability to deduct compensation in excess of $1,000,000 paid to each of our “covered employees.” “Covered employees” include anyone who served as chief executive officer or chief financial officer during any part of a year and the next three most highly compensated named executive officers for that year. In addition, once a person is considered a “covered employee” that person remains a covered employee in all subsequent years, including after the employee leaves our service or changes roles. Effective for tax years beginning after December 31, 2026, the American Rescue Plan Act of 2021 expands the number of covered employees subject to the Section 162(m) limit to include the next five highest compensated employees after the current year’s covered employees; however, this new group of employees will not retain perpetual “covered employee” status and will be determined annually. Prior to the effective date of the Tax Cuts and Jobs Act of 2017 (“TCJA”), the Section 162(m) limit did not apply to performance-based compensation that met certain conditions. The TCJA, however, eliminated the performance-based compensation exception for compensation paid after December 31, 2017, unless such compensation is paid under an arrangement grandfathered from the application of the TCJA. We have determined that we will not necessarily seek to limit executive compensation to amounts deductible under Section 162(m) if we believe such limitation is not in the best interest of our stockholders. While considering the tax implications of its compensation decisions, the Committee believes its primary focus should be to attract, retain, and motivate executives, and align the executives’ interest with those of our stakeholders.
The Committee operates its compensation programs with the good faith intention of complying with Section 409A of the Internal Revenue Code. We account for stock based payments with respect to our long-term equity incentive award programs in accordance with the requirements of FASB ASC 718.
Award Timing Method Beginning in 2025, the Committee’s general practice is to complete its annual executive compensation review and determine performance goals and target compensation for our executives during the first regularly scheduled Board and Committee meetings of the year; then equity awards are granted with an effective date on the third full trading day following release of the Company’s fourth quarter earnings.
Award Timing Predetermined true
Award Timing MNPI Considered true
MNPI Disclosure Timed for Compensation Value false